Mayberry’s income up 18% from higher stock revaluation gains

Mayberry Investment is reporting higher income of 18%, as the company closed 2019 on a positive note.

Total comprehensive income grew by US$5 million or 18% to end 2019 at US$33.6 million. The income earned in 2018 was US$28.5 million. In its just- released 2019 audited financial statements Mayberry reports that the growth was due to higher revaluation gains from the positive price movements for stocks held in its equity portfolio.

For the year ended December 31, 2019 total assets grew to US$151 million compared to US$119 million for the comparative 2018 period. This represents US$32 million or a 27% increase in asset base due mainly to increased value of quoted equities.

Among the equities showing increased value are Wigton Windfarm, Derrimon Trading, Lasco Financial Services, Jamaica Broilers, General Accident Insurance Company, Lasco Manufacturing, Honey Bun, Jamaica Teas, Jamaica Money Market Brokers and Supreme Ventures. The Net Book Value per share moved to US$0.11, a 22% increase over the corresponding period in 2018.

This represents a balance of US$144 million as at December 31, 2019, compared to a value of US$110M at the end of December 2018. For the period under review retained earnings grew from US$31 million in 2018 to US$41 million. During the year, Mayberry continued to enhance its portfolio resulting in additional shares being purchased in Derrimon Trading.

This made Mayberry the second-largest shareholder with approximately 410 million shares in hand. Mayberry also acquired additional shares in Wigton Windfarm and closed 2019 with 755 million in hand, resulting in the stock being the 7th top shareholding in its equity portfolio. The total volumes of stocks purchased for the last quarter of 2019 amounted to 466 million whereas total volumes sold amounted to 36 million. For 2019, the company purchased 1.4 billion units versus sales of 155 million units, making Mayberry a net purchaser of stocks for this period.